Galp Energia, a Portuguese oil and gas company, said that it planned to bay natural gas from Venezuela and to help building a liquefaction plant there.
Galp said in a regulatory filing it intends to purchase up to 2 billion cubic meters of liquefied natural gas annually from state oil company Petroleos de Venezuela. The price is still to be negotiated.
The two companies are also considering a joint venture at the Gran Mariscal Ayacucho industrial complex in Venezuela's Sucre state where they may jointly build and operate a liquefied natural gas terminal, the statement said.
The formal signing of the agreement was due later Tuesday to coincide with a brief visit to Lisbon by Venezuelan President Hugo Chavez.
In October, the two companies signed a memorandum of understanding to examine deals that Galp said could eventually supply up to 30 percent of Portugal's hydrocarbon consumption.
Alexey Navalny returned to Russia on January 17. He was detained upon arrival at the Sheremetyevo Airport. A court arrested Navalny for 30 days